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Invited Article
Exploring the Formation Mechanism of “Scientific Questions Targeting Global Science Frontiers” in Business Administration
Xu Xin, Lin Weipeng, Wu Gang
2021, 33 (11):  3-12. 
Abstract ( 98 )   PDF (1635KB) ( 137 )  
Scientific and technological innovation is a key driving force behind China's development. To achieve the strategic goals of science and technology innovation and national development, domestic academic research needs to target global science frontiers, solve frontier scientific problems and make original achievements, thus helping China become a global leader in innovation. Enterprises are the main body to implement a country's innovation-driven development strategy. Identifying and solving "scientific questions targeting global science frontiers" in the area of business administration will provide theoretical guidance for enterprise innovation in China and thus serve the developmental strategy of China. However, it is still unclear how to identify "scientific questions targeting global science frontiers" in the field of business administration. The purpose of this paper is to explore the formation mechanism of "scientific questions targeting global science frontiers" in the field of business administration. Based on insights from 59 senior experts in the field of business administration, this paper explores the nature of, selection requirements for, and formation methods for "scientific questions targeting global science frontiers". We also develop an integrative and comprehensive formation mechanism, providing an actionable scheme regarding how to identify "scientific questions targeting global science frontiers" in the area of business administration. Moreover, we discuss two modes of identifying research questions, namely "parallel mode" and "serial mode", in order to provide researchers with a framework that can lead to the formation of focused research questions, facilitate China's management practice and target the frontiers of global science.
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Retrospect and Outlook of the Journey from a Follower to a Neck-to-neck Runner: The International Influence of Business Administration Research in China
Zhao Xinyuan, Wu Gang, Wu Zhiang, Huang Bin, Wang Yu
2021, 33 (11):  13-27. 
Abstract ( 62 )   PDF (7131KB) ( 42 )  
Accurately positioning Chinese business administration research status is critical to the scientific planning of future development strategy. Based on literatures published in UTD's list of top 24 journals from 2000 to 2019, the present paper systematically analyzes the dynamic progress of international publications at top-tier journals in the fields of business administration by scholars from China, and subsequently identifies the international status and influence of business administration research in China. Accordingly, the paper provides several suggestions for future planning and development of business administration research in China for the next five years and even a longer period of time.
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Digital Transformation
A Study on the Process Model of Organizational Digital Transformation and Corporate Case Analysis
Chen Guoquan, Wang Jingyi, Lin Yanling
2021, 33 (11):  28-42. 
Abstract ( 72 )   PDF (1406KB) ( 189 )  
Existing literature lacks global, systematic and dynamic research on the process of organizational digital transformation. This study puts forward a process model of organizational digital transformation, which includes eight stages:decision-making, organization, digital mobilization, digital training, implementation, evaluation, effectiveness and feedback. After that, this study uses this process model as a framework to explore Foton's digital transformation, and expounds its specific practices at every stage, further explaining the connotation of the process model. This research has theoretical contributions to the research on digital transformation process, and has practical value for corporate to implement digital transformation.
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How do Traditional Enterprises Realize Digital Transformation through Internal Entrepreneurship?——A Strategic Evolution Perspective Based on Resource Matching
Wang Bing, Mao Jiye
2021, 33 (11):  43-53. 
Abstract ( 51 )   PDF (1467KB) ( 49 )  
Traditional companies will encounter challenges such as organizational inertia and demand conflicts when implementing digital transformation. In practice, some companies have resolved these challenges through internal entrepreneurship and successfully achieved digital transformation. However, the existing literature lacks sufficient explanations for this phenomenon. Based on the strategic evolution perspective of resource matching, this paper uses case study method to analyze the digital transformation process of two traditional service companies and explore the underlying mechanism. Specifically, this paper mainly makes three contributions. Firstly, this research summarizes a new strategic evolution path, from internal entrepreneurship to digital innovation within the organization, and then to external collaboration across organizations. Secondly, this paper finds that internal entrepreneurship can overcome organizational inertia through structural differentiation and power distribution, thus promoting the rapid renewal of organizational resources and the exploration of digital innovation. Finally, this paper also refines the relationship between organization and environment into the mismatch between resource renewal direction/amplitude and environment, and discusses the key behaviors to promote their matching, which enriches the related research of resource matching.
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Institutionalized Practice of Local Government's Supervision: Content, Influencing Factors and Digital Transformation
Cui Meng
2021, 33 (11):  54-66. 
Abstract ( 21 )   PDF (1954KB) ( 14 )  
Based on the legal data of government supervision, this paper summarizes the historical stage, main contents, influencing factors and digital transformation of the institutionalized practice of local government supervision by using the comprehensive methods of text mining and empirical test. The text mining finds that the subject categories of the institutionalized practice of local government supervision can be summarized as safety production, government reform, economic construction, environment and public health. The empirical test finds that the "top-down" assessment factors of real estate investment, safety production management and environmental protection are the important driving factors of the institutionalized practice of local government supervision; and the development of network has significantly reduced the number of supervision laws and regulations issued by local government. Looking forward to the future, the improvement of supervision efficiency will be based on the digital transformation, focusing on information technology, social concern response and system construction. And it will also guide the deep integration of social autonomy, rule by virtue and rule by law in local governance.
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Digital Business Model Design:Multiple Case Studies of Enterprise's Digital Transformation and Business Model Innovation
Qian Yu, Sun Xinbo
2021, 33 (11):  67-83. 
Abstract ( 46 )   PDF (2110KB) ( 41 )  
Under the wave of digital economy, in the face of increasing integration between cross-border disruptors and technologies, traditional enterprises have to implement digital transformation. Although digital technology provides opportunities for enterprises to develop and adjust business models to achieve digital transformation, relevant researches focus only on the nature of digital transformation, without in-depth attention to changes in the business model architecture system in the digital context. The study uses multiple case studies to analyze 5 business models related to digitization in manufacturing companies, extracting 4 different types of digital business models, and then deconstruct digital business models into digital value proposition, digital value creation and digital value acquisition. After that, the design principles of digital business models are explained in detail. Finally, the dual attributes of business models are used to identify the innovative sources of digital business models.
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The Typology of Digital Transformation Strategies and the Choice of Transformation Modes of Traditional Firm
Wang Yonggui, Wang Linlin
2021, 33 (11):  84-93. 
Abstract ( 41 )   PDF (1312KB) ( 43 )  
The choice of digital transformation strategies and transformation modes are the core issues of the research on firms' digital transformation. However, the digital transformation practice of traditional firms is not optimistic since the majority of firms' transformation fails to achieve expected results. Thus how to choose a digital transformation strategy and a digital transformation mode is still an unsolved important problem in both the theoretical research and the practice of traditional firms' digital transformation. This paper innovatively identifies the typology of traditional firms' digital transformation strategies, and then analyzes the selection of firms' digital transformation strategies and transformation modes from the perspective of strategy and mode matching. Specifically, this paper divides traditional firms' digital transformation strategy into four strategies-change-dependent, ecological-oriented, business-oriented and technology-oriented -by proposing two key dimensions, i.e., digital resource input and organizational adaptability. On this basis, this paper develops a new process model for matching traditional firms' digital transformation strategy and transformation mode, which provides valuable insights to the literature and the practice.
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Digital Governance and Digital Innovation
The Government Digital Governance in Emerging Industry——A Case Study of National Monitoring and Management Platform for New Energy Vehicles
Ma Fuxun, Zhang Zhaosheng
2021, 33 (11):  94-105. 
Abstract ( 24 )   PDF (1598KB) ( 20 )  
With the rapid development of emerging industries in China, a range of new governance problems appear. Digital technology is rapidly and deeply applied to reform and promote the traditional government governance pattern, which facilitates the application of government digital governance in emerging industries. Based on the background of new energy vehicle industry in China, the main functions of the national monitoring and management platform of new energy vehicles are comprehensively demonstrated in this paper in term of preserving, controlling and inspecting in events. Meanwhile, the situation and mechanism of government digital governance in emerging industries are analyzed. The results show that:(1) The situational framework of government digital governance has been constructed, including supportive governance concept, well-organized governance relationship and scientific governance tools. The situation optimization model is also formed under the influence of the exogenous factors, such as the institutional environment at the macro level, the organizational field at the meso level and the transaction arrangement at the micro level, and the endogenous factors, such as governance concept, governance relationship, governance tools and the interrelationships of them. (2) The situation can enhance the effectiveness of government digital governance in emerging industries. The supportive governance concept promotes policy system, holding the bottom line and achieving safe development. The well-organized governance relationship promotes organizational system, gets problems solved as soon as they are found and leads to win-win results for all parties. The scientific governance tools reduces information asymmetry and builds a full life cycle service ecosystem. In summary, this paper analyzes the situation and the mechanism of the effectiveness of government digital governance and provides an analytical framework for the government digital governance in emerging industries.
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Corporate Digitalization, Government Subsidies and Corporate External Financing: An Empirical Study Based on Chinese Listed Companies
Gao Yuchen, Wan Yinglin, Zhang Si
2021, 33 (11):  106-120. 
Abstract ( 43 )   PDF (1347KB) ( 42 )  
Whether corporate digitalization serves as supplement by decreasing information asymmetry towards the relationship between government subsidies and corporate external financing has become more and more important under digital economy. However few researches have been conducted on this issue. We employ the data of the manufacturing companies listed on Shanghai and Shenzhen A-share mainboard in 2008-2018 to study the impact of corporate digitalization and government subsidies on corporate external debt financing. The results show that corporate digitalization can promote short-term external financing, while obtaining government R&D or non-R&D subsidies can promote long-term external financing of listed firms. Meanwhile, digitalization can promote the positive impact of government R&D as well as non-R&D subsidies on corporate long-term debt financing, while R&D subsidies can strengthen the positive impact of digitization on corporate short-term debt financing. Our research enriches the literature of corporate digitalization and contributes to the research on government R&D subsidies especially on its signal effects. In addition, our findings also provide important suggestions for the policy making of government and digitalization strategy of firms.
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Technology Embeddedness and Digital Business Model Innovation: A Case Study of CredEx Fintech
Su Jingqin, Zhang Shuai, Ma Huanhuan, Jia Yibo
2021, 33 (11):  121-134. 
Abstract ( 21 )   PDF (3397KB) ( 20 )  
Abstract:With the rapid development of digital technology, digital business model innovation has become a sharp weapon for enterprises to strengthen their competitive force. To develop digital business models, firms take technology embeddedness as a vital strategy for internalizing digital technology. Based on a longitudinal case study of CredEx Fintech, this study explores the impact of technology embeddedness on digital business model innovation. The findings show that technology embeddedness combines technology integration and technology development. The two strategies evolve in different forms in the process of enterprise development. Moreover, the bricolage-dominated technology integration is more conducive to element-level business model innovations, while the orchestration-dominated technology integration is more conducive to architecture-level business model innovations. Besides, the exploitative technology development is more conducive to incremental business model innovations, while the exploratory technology development is more conducive to disruptive business model innovations. Finally, the digital business model of the case firm shows an advanced path of "process informatization→channel platformization→product digitization→technology productization". Meanwhile, the digital degree goes through a "parabola like" curve. This study enriches the theory of digital business model innovation and provides practical implications for technology-based enterprises to develop digital business model.
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Can Digital Village Construction Boost Rural Consumption Upgrading?
Wang Yanan, Xu Feng, Ye Xin
2021, 33 (11):  135-144. 
Abstract ( 20 )   PDF (1231KB) ( 19 )  
Chinese digital village construction opens up new ideas for unlocking rural consumption potential and optimizing rural consumption structure. Using China's panel data from 2001 to 2019, this paper empirically tests the impact of digital rural development on rural consumption upgrading. The study finds that digital village construction has a significant positive impact on rural consumption upgrading, and this impact shows obvious regional and heterogeneous differences. From the perspective of consumption structure, digital village construction has the strongest promotion effect on the development-oriented rural consumption, and the weakest promotion effect on the subsistence-oriented rural consumption. From the perspective of geographical distribution, the promotion effect of digital village construction on rural consumption upgrading is not interfered by the characteristics of region and grain production and sales. According to the law of dynamic evolution, with the increasing quantile, the promotion of digital village construction to three kinds of consumption shows a decreasing trend. After a variety of robustness tests, the research conclusion of this paper still stands up.
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Effects of CIO Skills and Demand-side Leadership on Digital Innovation
Zhang Yanlin, Deng Fuxiang, Tang Hongting
2021, 33 (11):  145-156. 
Abstract ( 52 )   PDF (1352KB) ( 20 )  
Despite the large amount of benefits of digital innovation to contemporary firms, scholarly insight about how CIO may lead digital innovation within an organization is limited. Drawing upon transformational leadership theory, the study examines how CIOs could lead their enterprises' digital innovation initiatives. We propose that it is the CIO demand-side leadership that directly influences the level of enterprises' digital innovation. Furthermore, CIO's structural power could positively moderate the impact of CIO demand-side leadership on enterprises' digital innovation. In addition, we identify three enabling forces of CIO demand-side leadership:1) IT-related strategic knowledge, 2) political savvy, and 3) networking ability. The research hypotheses are supported by matched-pair data collected from senior business and IT executives of 179 organizations. The findings of the study suggest that the CIO demand-side leadership offers a powerful concept to examine CIO's strategic impacts in the digital era.
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Can Organizational Modularization Improve Service Innovation Performance of Manufacturing Enterprises?——From the Perspective of Organizational Information Processing Theory
Wang Pengcheng, Liu Shanshi, Liu Nian
2021, 33 (11):  157-169. 
Abstract ( 36 )   PDF (1369KB) ( 118 )  
Organizational modularization design is an important way for manufacturing enterprises to improve service innovation performance during their servitization transformation in the digital age. However, there is a lack of research on whether and how organizational modularization can improve service innovation performance of manufacturing enterprises. Based on organizational information processing theory, this study explores the internal mechanism of organizational modularization. Through the questionnaire survey of 285 manufacturing enterprises, we find that:(1) Organizational modularization positively affects the service innovation performance of manufacturing enterprises. (2) Big data analysis capability plays a mediating role between organizational modularization and service innovation performance of manufacturing enterprises. (3) Organizational agility plays a complete mediating role between organizational modularization and service innovation performance of manufacturing enterprises. (4) There is a chain mediating effect of organizational modularization- big data analysis ability-organizational agility-service innovation performance of manufacturing enterprises. (5) Environmental competitiveness positively moderating the relationship between big data analysis ability and service innovation performance of manufacturing enterprises, indicating that with the improvement of environmental competition, big data analysis ability plays a stronger role in service innovation performance of manufacturing enterprises. (6) Environmental competitiveness has no significant moderating effect on the relationship between organizational agility and service innovation performance of manufacturing enterprises. However, improving organizational agility can positively influence the service innovation performance of manufacturing enterprises regardless of the degree of environmental competition. This study further deepens the research on organizational modularization and its functional advantages and provides guidance for manufacturing enterprises' organizational structure innovation and servitization transformation in the digital era.
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Platform Economy and Value Creation
The Evolution Motivation and Process Model of Value Co-Creation of Decentralized E-commerce: A Longitudinal Case Study Based on Idol Group
Qiao Han, Zhang Shuo, Li Zhuolun, Wan Zixian
2021, 33 (11):  170-184. 
Abstract ( 33 )   PDF (1640KB) ( 80 )  
Decentralized e-commerce is a business model innovation and value co-creation practice of platform enterprises. Research on the value co-creation implementation process has crucial guiding significance for the development of e-commerce in China. However, current researches are silent about the theoretical explanation for the evolution of the value co-creation model of decentralized e-commerce. Based on the longitudinal case study of the Idol Group, this paper examines the evolutionary motivations and processes of decentralized e-commerce value co- creation. Five important evolutionary motivations for value co-creation are identified:core business creation, social channel construction, emotional network establishment, stakeholder empowerment, and sustainable ecological layout. It finds that the evolution process of decentralized e-commerce value co-creation incorporates five modes:dual co-creation mode, hub branch mode, network branch mode, multilateral collaboration, and multilateral symbiosis mode. Consequently, this paper sheds light on the evolution process model of decentralized e-commerce value co-creation, unveils the black box of the evolution of platform enterprise value co- creation models, and indicates the applicable scenarios of different value co-creation models. The process model proposed by this paper further enriches the relevant theories of platform enterprise value co-creation and provides a useful reference for the development of decentralized e-commerce.
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The Effect of Electronic Word-of-Mouth on Patients' Choice for Physicians——Evidence from Online Doctor Reviews
Ta Yuqi, Fu Hongqiao
2021, 33 (11):  185-198. 
Abstract ( 30 )   PDF (1280KB) ( 26 )  
With the rapid development of Internet technology, electronic/online word-of-mouth (eWOM) has increasingly significant influence on consumer behavior in traditional consumption areas such as movies, books and restaurants. However, there are few studies on how eWOM affects patients' choice of physicians. Using transaction data and online reviews from Haodf.com, one of the leading third-party digital healthcare platforms in China, this study investigates the effect of eWOM on physicians' patient volume, as well as the moderating effect of product involvement between eWOM and patient choice. Results based on panel data and fixed effect models show that the number of online reviews has a significantly positive impact on volumes of online telephone consultation service and appointment scheduling, while the fraction of negative reviews has a significantly negative effect on online healthcare volumes to a greater extent than positive reviews. Moreover, the impact of eWOM on appointment scheduling is greater than that on telephone consultation service, which provides suggestive evidence for the positive moderating effect of product involvement. Compared with existing literature, we find that the effect of eWOM on consumers is larger in the digital healthcare field, which has a higher level of information asymmetry. This study has implications for improving medical quality information disclosure and optimizing the design of internet medical platform.
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A Research into the Mechanism of How Multi-source Quality Information Influences Online Sales of Remanufactured Products
Shi Jing, Zhu Qinghua
2021, 33 (11):  199-208. 
Abstract ( 17 )   PDF (1265KB) ( 16 )  
Remanufacturing, as an important development mode of circular economy, can effectively alleviate the contradiction between sustained economic growth, resource shortage and serious environmental problems. However, remanufactured products have low customer acceptance because people are concerned about quality. The development of the internet promotes the digital transformation of economic society, which provides a new communication channel for buyers and sellers. Drawing on the signaling theory, this research uses transaction data from an online marketplace to empirically analyze the mechanism of how three sources of quality information-the average product rating from prior buyers, the featured label from the online platform, and the seller's self-reported quality information-influence online sales of remanufactured products. Results indicate that signal reliability has a significant positive impact on online sales, quality cues from prior buyers and online shopping platform can significantly improve consumers' purchasing decisions. However, self-reported signals from sellers are of lower reliability and have limited influence on online sales.
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Research on the Effect of Online Reviews on the Knowledge Products Sales: Moderating Effect of Product Type
Qi Tuotuo, Zhou Xun, Wang Tianmei
2021, 33 (11):  209-222. 
Abstract ( 24 )   PDF (1306KB) ( 25 )  
Online reviews are the main source of information for assessing product quality, which influence consumers' purchasing decisions and then affect product sales. For credence products, the existing literature only considers the effect of the number of reviews and the average score on product sales, but ignores the important influence of the fine-grained characteristics of reviews on the product sales. In addition, knowledge products belong to credence products, which means that consumers have a higher perceived risk awareness. Therefore, studying the review characteristics of knowledge products is of particular importance in revealing the influence mechanism of sales. In this paper, five characteristics of reviews are proposed, namely, the number of reviews, review length, favorable rating, readability of reviews and subjectivity of reviews. The measurement of readability is based on DNN language model, while the measurement of subjectivity is based on word bag and 2-POS model. Based on the signal theory, this paper constructs a theoretical model to examine the effect of review characteristics on the knowledge product sales, and explores the moderating effect of product type. The knowledge payment product data in Zhihu Live are used to verify the proposed model. Results show that the number of reviews, favorable rating and the readability positively affect the knowledge products sales; the reviews length negatively affects the knowledge products sales; the subjectivity of reviews does not affect the knowledge products sales; compared with utilitarian products, the number, favorable rating and the readability of hedonic products reviews have a more obvious positive impact on sales, and the length of hedonic products reviews has a more obvious negative impact on sales; compared with hedonic products, the subjectivity of utilitarian product reviews has a more obvious negative impact on sales. The research conclusions provide theoretical support and practical guidance for the platform to manage online reviews.
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Does the Transfer of Creditor's Rights on P2P Lending Platforms Have the Effect of Risk Identification?
Yin Xingqiang, Guo Feng
2021, 33 (11):  223-237. 
Abstract ( 15 )   PDF (1376KB) ( 6 )  
Does the creditor's right assignment of investors on P2P lending platforms convey information about the default risk of the loan? Relevant academic researches are absent. Based on the 72.461519 million debt transfer events generated from 417,691 bids on the P2P platform 'RenRenDai' and the large sample data of more than 100 million investment events, this paper studies the debt transfer behaviors in P2P online lending. The results show that the transfer of creditor's rights on the RenRenDai platform is widespread, with more than 90% of the underlying debt transferred. On the average, the creditor's rights under each loan bid get transferred for more than 170 times, and the cumulative amount of the transfer of creditor's rights is several times of the original loan amount. Based on the results from the perspective of risk identification, it is found that for more times, in larger amount and to more transferees the underlying creditor's right are transferred, the higher default risk may happen to the underlying loan, which indicates that the transfer of creditor's right has certain risk identification effect. Further analysis also finds that such risk identification effect of creditor's rights transfer is more prominent when the interest rate is high and the borrower is unmarried and/or has no house assets, which reveals that the transfer behavior of investors can provide incremental risk identification information, and there is a substitutional relationship between creditor's rights transfer behavior and traditional borrowers' characteristics. In addition, further research also shows that learning effect and experience accumulation are what transferring-investors rely mainly on to gain information advantage.
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Research on the Effect of Platform Exclusive Transaction Behavior from the Perspective of Negotiation Power——A Discussion about Chinese B2C Market's “One-out-of-Two” Arrangement and Anti-monopoly Regulations
Li Kai, Li Xiangchen
2021, 33 (11):  238-248. 
Abstract ( 20 )   PDF (1239KB) ( 12 )  
In recent years, the "one-out-of-two" arrangement proposed by B2C platforms to prevent the multi-ownership of merchants has been widely concerned by the industry. From the theoretical perspective, the "one-out-of-two" arrangement reflects the effect of exclusive trading contracts under the two-sided market structure. Taking the Hotelling Model as the basic framework and starting from the perspective of negotiation game between platforms and merchants, this paper introduces Nash bargaining model to explore the effect of B2C platform monopolistic transaction behavior. It is found that the bargaining power of merchants relative to the platform is an important factor to decide the exclusive transaction between merchants and platforms. When the bargaining power of merchants is in the middle or weak, the platform has a strong incentive to require merchants to sign an exclusive transaction agreement. From the perspective of competition effect, monopolistic trading contract will break the "competition bottleneck", restrain the market competition, and reduce the market share and profit level of the competitive platform. From the perspective of welfare effect, when consumer search cost is low, exclusive transaction does not always reduce consumer welfare and total social welfare with the increase of cross- network externality parameters and platform price subsidy. Based on the above analysis conclusion and the case of B2C platform exclusive trading, the corresponding anti-monopoly regulatory framework is proposed.
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Institutional Logic and Mechanism of Collaborative Innovation between Platform and Complementor
Tang Fangcheng, Wang Ranran
2021, 33 (11):  249-258. 
Abstract ( 26 )   PDF (1320KB) ( 85 )  
The co-specialization of platforms and complementors plays an important role in the construction of the innovation ecosystem. However, platform enterprises and complementors may have conflicting or complementary institutional logic respectively. If they want to achieve the goal of collaborative innovation, they will inevitably form a dominant institutional logic in the process of reaching a collaborative consensus, and then regulate the innovation activities and behaviors of both parties. But how does this dominant institutional logic emerge? What are their mechanisms? Past studies have rarely referred to such issues. Through the case study of OPPO, the results show that:(1) when the platform cooperates with general component suppliers, the bargain power of platform is stronger, and the institutional logic of platform occupies a dominant position; (2) when the platform is dependent much on the bottleneck component supplier, the bargaining power of complementor is stronger, and the platform has to compromise in the cooperation between the two parties. At this time, the institutional logic of complementor dominates; (3) when the relationship between the platform and the bottleneck component supplier is bidirectional dependence, the institutional logic formed by the two parties' cooperation is hybrid logic; (4) in the face of strong external institutional pressure, the cooperation between the platform and complementors will form or follow the new institutional logic.
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How the Second Entrepreneurship Platform Shape Digital Ecological Leapfrog Ability through Events——A Case Study of Taobao Live Based on Event System Theory
Luo Xingwu, Song Chenqing, Xiang Guopeng, Chen Shuai
2021, 33 (11):  259-274. 
Abstract ( 29 )   PDF (1663KB) ( 18 )  
Based on the event system theory, this paper takes Taobao Live as a typical secondary entrepreneurial platform, and makes a longitudinal case study on its 5-year growth experience. This paper deeply explores the process mechanism of shaping the digital ecological leapfrog ability of enterprises in the secondary entrepreneurship, and reveals the role and influence mechanism of strategic business model design, ecological openness and platform leadership in the process. It is found that the depth and breadth of ecological openness and platform leadership play an important role in the process of platform enterprises shaping digital ecological leapfrog ability through the design of two strategic business models. And the type, intensity and spatial attribute of the event will affect the leapfrog ability of the digital ecology of the platform. The interaction of active and passive events brings positive feedback to the improvement of digital ecological leapfrog ability, with the increase of active events and the decrease of passive events, thus consolidating the digital ecological leapfrog ability. This study has good theoretical and practical value on how to design the strategic business model of the secondary entrepreneurship platform in the dynamic environment and how to use events to shape the leapfrog ability of digital ecology.
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The Value Creation Process of New ICTs-powered Servitization of Manufacturing: An Exploratory Case Study on XCMG
Wang Kangzhou, Peng Bo, Jiang Zhibin
2021, 33 (11):  275-285. 
Abstract ( 19 )   PDF (1626KB) ( 63 )  
Over the last few years, the fast rise of new ICTs such as the Internet of Things has effectively promoted the development of manufacturing through servitization, which provides new opportunities for manufacturing enterprises to achieve value creation. However, the value creation process of new ICTs-powered servitization of manufacturing is still unclear. This paper adopts an exploratory case study approach, as well as coding in grounded theory with MAXQDA12.0. and builds a model of the new ICTs-powered value creation process for manufacturing enterprise through servitization, which includes four parts:the construction of architecture support system, the application of new ICTs functions, the realization of value creation activities and the way of value creation. Because value creation is achieved through value creation activities, and many value creation activities in the new ICTs environment require the support of new ICTs functions, therefore, this paper further discusses the changes in the value creation activities during the value creation process of new ICTs-powered servitization of manufacturing, as well as the transferring, integration, processing and sharing of data, infor-mation and knowledge supporting the value creation activities with application of new ICTs functions. This paper provides theoretical support for implementing servitization in the new ICTs environment and provides theoretical reference for research about value creation through servitization.
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Fintech and Blockchain
The Relationship between Bitcoin and Chinese Financial Markets During COVID-19
Li Jiahong, Li Ping
2021, 33 (11):  286-297. 
Abstract ( 17 )   PDF (2179KB) ( 11 )  
The outbreak of COVID-19 brought a crisis to the global financial market. Due to the arising attention on Bitcoin and the continuous development of Chinese market, the connections between the Bitcoin market and main assets of Chinese financial market are getting closer, and the risk transmission effect between the two markets is also expanding. Therefore, this paper investigates the interaction between the two markets to understand the mechanism of risk. We first use three GARCH family models containing dummy variables related to the epidemic to study whether there are leverage effects between the Bitcoin and main assets of Chinese financial markets. Results show that the GJR-GARCH-t model fits the best meaning that there is leverage effect between them. Then we study the risk relationship between the two markets by calculating VaR, CVaR and utilizing the information shock curve. Empirical results show that the VaR and CVaR calculated based on Cornish-Fisher expansion have a more reasonable estimation of Bitcoin risk. Furthermore, the risk of Bitcoin market increased sharply during the crisis, and the volatility of Bitcoin price was much more sensitive to bad news than to good news. So, it's necessary to allocate assets reasonably to avoid risk.
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The Impact of Banks' Fintech on Retail Lending:Based on Textual Analysis of Banks' Annual Reports
Hu Jun, Li Qiang, Liu Yingchen, Zeng Yong
2021, 33 (11):  298-311. 
Abstract ( 27 )   PDF (1284KB) ( 100 )  
Using 2013-2018 annual reports of 49 Chinese listed banks, this paper employs natural language processing (NLP) and text analysis methods to construct the indicators of fintech development level for listed banks in each year, and then investigates the effects of the development level of bank-level fintech on the scale and proportion of retailing loans. The results show that the development of fintech could drive banks to increase the scale of retail loans and the proportion of retailing loans in total loans, and this effect is more pronounced for large national banks and more prominent over time. Further findings show that the driving role of fintech in retail lending is more pronounced for banks with lower management level, poor risk control ability and larger customer scale, which suggests that the improvement of management level, the enhancing of risk control ability and the precisely reach of customer demand are the underlying mechanisms through which banks' fintech could promote the development of retail lending. Moreover, the retail loans from the banks with higher level of fintech are also associated with higher returns.
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Research of Fintech and Enterprises' Investment——Mechanism of How Financing Constraints Excert Influence
Zhao Ruirui, Zhang Yuming, Liu Jiahui
2021, 33 (11):  312-323. 
Abstract ( 24 )   PDF (1243KB) ( 28 )  
The development of fintech has a significant impact on the traditional financial structure. Based on the panel data from fintech indexes and A-share listed companies from 2011 to 2018, this paper tests impact of fintech on enterprises' investment and investment efficiency. The results show that:(1) Fintech can promote the increase of enterprise investment scale. (2) Fintech significantly promotes the investment scale in enterprises with financing constraints. Therefore, fintech promotes enterprise investment by reducing financing constraints. (3) The mechanism of fintech acting on investment is through increasing financing availability and reducing financing costs. (4) Although fintech alleviates the under-investment of enterprises, it also increases their over-investment. Fintech can effectively alleviate the financing constraints of enterprises and promote investment, and it does not contribute to the creditor's supervision.
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Consensus and Forks of Blockchain:Analysis and Implications of The DAO's Impact on Ethereum
Zhu Xiaowu, Wei Wenshi
2021, 33 (11):  324-340. 
Abstract ( 23 )   PDF (1421KB) ( 11 )  
Exploring the causal mechanism of consensus and forks is a key issue in blockchain governance. Under emergencies (such as hacker attacks), it is difficult to reach consensus. This paper investigates a failure case (The DAO) of a significant blockchain project and then analyzes how hacker attacks affect the consensus and forks of the blockchain. We set up an economic theoretical framework of the blockchain and establish the equilibrium conditions. From both short-term and long-term perspectives, we explore the causal mechanism of blockchain forks caused by miners' vested interests, blockchain application value judgments and mining difficulty adjustments. Furthermore we discuss the impact of miners' risk aversion and multi-chain mining. Due to the difference of computing power and miners interest demands, the roll back operation hardly leads to consensus. The original chain forks into a high-value, high-difficulty new chain and a low-value, low-difficulty old chain, which destroys the optimal balance of blockchain. Our conclusions deepen the theory of blockchain governance and provide meaningful enlightenments for the development and supervision of blockchain, especially regarding the question of whether the blockchain technology could be adopted by digital currency.
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Blockchain Technology and Firm Performance: The Moderating Role of Corporate Governance Structure
Lin Xinyi, Wu Dong
2021, 33 (11):  341-352. 
Abstract ( 36 )   PDF (1288KB) ( 37 )  
Nowadays, China is stepping into a new era of digital economy. Blockchain technology, as one of the most critical infrastructures of digital economy, is accelerating a new round of industrial transformation and digital innovation, and has been accepted and applied by more and more firms. What is the mechanism underlying blockchain technology acting on firm performance? In view of the above scientific issues, this paper selects the listed companies in Shanghai and Shenzhen stock markets in China from 2014 to 2019 as the research samples by using the propensity score matching method (PSM), and studies the relationship between the application of blockchain technology and firm performance by econometric analysis, taking whether blockchain technology was introduced into corporate governance in that year as the dummy variable. The moderating effect of corporate governance structure on the relationship between blockchain technology application and firm performance is further explored. The research finds that the application of blockchain technology can promote firm performance; When the corporate governance structure presents a high proportion of independent directors and a high degree of ownership concentration, the application of blockchain technology to promote firm performance is strengthened.
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